60 Parkway Drive is a 180-unit high-rise condominium located in East Orange, New Jersey. The developers successfully sold 120 units over a three-year period, but sales began to significantly slow down.
The Seller’s goal was to sell a large portion of the remaining finished inventory (40 units) in order to revive sales by driving traffic into the building and to realize a portion of their equity.
We offered for sale 30 units, with 12 to be sold Absolute regardless of price.
The six-week auction program produced the following results:
- 1300+ Inquiries
- 535+ Open House Attendees (Parties)
- 220 Due Diligence Packets Sold
- 90 Bidding Parties
- 36 Units Sold
36 Units Sold in One Day
The Seller was very pleased with the result, as our process produced a market result to sell and close almost their entire finished inventory.
Note: The Seller re-hired us to close out the project and sell their newly finished penthouse units a year later.